Continue in same Company after previous assignments
03-01 GST Masters
- Set GST Features and Company Details
[Click F11. At Company Features, under section Taxation, set Yes at Enable Goods & Services Tax (GST). At GST Details screen, under GST Registration Details section, enter the relevant details]
- Create SGST Ledger Account
[Select GoT>Create>Ledger. Click F12:Configure. At Configuration, Under Tax details section, set Yes at Type of Duty/ Taxes. At Ledger Account creation, at Name, enter SGST; at Under, select Duties & Taxes; at Type of Duty/ Tax, select GST; at Tax Type, select State Tax]
- Create CGST Ledger Account
[Select GoT>Create>Ledger. At Ledger Account creation, at Name, enter CGST; at Under, select Duties & Taxes; at Type of Duty/ Tax, select GST; at Tax Type, select Central Tax]
- Create IGST Ledger Account
[Select GoT>Create>Ledger. At Ledger Account creation, at Name, enter IGST; at Under, select Duties & Taxes; at Type of Duty/ Tax, select GST; at Tax Type, select Integrated Tax]
- UQC set up in UoM Master
Set UQC in UoM – Kilograms
[Select GoT>Alter>Unit. Select Kilogram. At Unit Alteration, at Unit Quantity Code (UQC), select KGS-Kilograms from the UQC list. Press Ctrl+A to save].
- GST details set up in Stock Item Master
Set GST details in Stock Item Wheat, HSN Description – Food grains, HSN Code- 1234, GST Rate 5% on Value
[Select GoT>Alter>Stock Item. Select Wheat from list of Stock Items. At Stock Item Alteration, Click F12:Configure. At Configuration, under GST Details section, set Yes at Set GST details. Back at Stock Item Alteration, under Statutory Details section, at GST Applicable, select Applicable and then Set Yes at Set Alter GST to get GST Details for Stock Item screen. At GST Details screen, click F12:Configure. At Configuration, set Yes at Allow HSN / SAC Details. Back at GST Details for Stock Item screen. at HSN/ SAC, enter 1234, At Calculation Type, select On Value, at Taxability, select Taxable. At Integrated Tax, enter 5%. At Cess, enter 0%. Press Ctrl+A to save.
- Set GST details in Supplier Master
At Supplier Ledger Account, enter Tax related details
[For ABC & Co, enter Registration Type- Regular, GSTIN 19AAAC1234K1ZV, State – West Bengal, PAN ABCPN1234K
[Select GoT>Alter>Ledger, select ABC & Co. At Ledger Alteration, click F12:Configure.
At Configuration, under Party Tax Registration details, set Yes at Provide GST Registration details. Back at Ledger Alteration screen, Under Tax Registration details section, at Registration Type, select Regular. at GSTIN/UIN, enter 19AAAC1234K1Z . At Set Alter GST details, set Yes and enter the relevant details at GST Details screen. Back at Ledger Alteration screen, press Ctl+A to save the changes.
03-02 GST Invoicing
- Create GST Sales Invoice.
10 kg of Wheat @25 per kg sold to ABC & Co on 1-5-22.
[Select GoT>Vouchers. Click F8:Sales (or press F8). Select Sales Voucher type from List. Click Ctrl+H and select Item Invoice. Enter Voucher Date 1-5-22. At Party A/c Name, select ABC & Co. At Sales Ledger, select Sales. At Name of Item, select Wheat, At Quantity, enter 10 kg. at Rate, enter 25/kg. The amount 250 would be shown. In next line, select End of List. Next select SGST, the SGST amount (15.00) would be auto calculated. Next select CGST. the CGST amount (15.00) would be auto calculated. The total Invoice amount (250.00+15.00+15.00 = 280.00) is displayed. Press Ctrl+A to save the Voucher].
- Print the Sales Voucher
Voucher dated 1-5-22 on ABC Co
[Select GoT>Day Book. At Day Book display, press F2 and Date 1-5-22. Select the Sales Voucher from the list to get the Voucher Alteration screen. Press Ctrl+P to get the Print screen. Click P Button to print the Voucher]
03-03 GST Reports
- Display GSTR-1 for 1-4-22 to 31-7-22
[Select GoT>Display more reports>GST Reports>GSTR-1. Click F2:Period (or press F2) and enter Period from 1-4-22 to 31-7-22 to display GSTR-1 Report
- Set TDS Features and Company Details
[Click F11. At Enable Tax Deducted at Source, set Yes. At Company TDS Deductor Details, at TAN Registration Number, enter PQRS12345S. At Tax Deduction and collection Account Number TAN, enter ABCX12345A. At Deductor Type, select Individual / HUF. At Deductor Branch / Division, enter Kolkata, At STD Code, enter 033, At Phone Number, enter 12345878, at e-mail, enter email@example.com, at Set / Alter TDS Details of Person responsible, set Yes and enter details at Person responsible Details. Back at Rate and Exemption details section, set No in all the options.
- Create TDS Ledger Account
Create TDS Ledger Account for Deduction on Interest Paid other than Interest on securities.
[Select GoT>create>Ledger. At Ledger Account creation screen. At Name, enter TDS on Interest. At Under, select Duties & Taxes. At Type of Duty /Tax, select TDS from the list. At Nature of Payment, select Interest other than Interest on Securities. If Nature of Payment is not created, then select Create at List of Nature of Payments to get Nature of Payment creation (secondary screen), enter the details and save the Master. Back at Ledger creation screen, at Nature of Payment, select the Nature of Payment from the list.]
- Set TDS related info at Deductee Ledger Account
Set TDS details at Ledger of A B C Finance Co.
[Select GoT>Account Info>Ledger>Alter, and then select A B C Finance Co. At Ledger Alteration, under Statutory Details section, set Yes at Is TDS Deductible ?. Set No at Is TDS treated as Expenses. At Deductee Type, select Individual / HUF – Resident. At Deduct TDS in same Voucher, set Yes. At right part, under Tax registration details, at PAN/IT number, enter PAN].
- Set TDS related info at TDS Deductible Expenses Ledger
Set TDS details in Interest Paid Leger Account
[Select GoT>Account Info>Ledger>Alter. Select Interest Paid Ledger Account. At Statutory Information section, At Is TDS Applicable, set Yes. At Default Nature of Payment, select Interest other than Interest on Securities from the list of TDS Nature of Payment].
- Interest TDS Adjustment Voucher entry
On 31-12-2022, Adjust TDS @10% on Interest payable on Rs 5000 to A B C Finance Co, for July 21 to Dec 22.
[Select GoT>Vouchers. Click F7:Journal button. At Journal Voucher creation, enter voucher date 31-12-2021. Voucher No is displayed. At Particulars, select Interest Paid Ledger Account. Enter 5000 at Debit column. Click Autofill button. At Autofill screen, enter the details. Back at Journal Voucher screen, which turns to Single Mode Voucher, the selected Payee Ledger would appear at the header, and the computed TDS Amount as shown, would be carried at Amount column (the figures voucher cannot be altered). Save the Voucher.
- TDS Deposit to Government and Challan Print
On 1-1-2022, the amount of TDS (500) is deposited with Government by Ch# 123456 on HDFC bank for the period 1-12-21 to 31-12-21, and the Challan is printed.
[Select GoT>Vouchers. Click F5:Payment button. Click F:Auto Fill button(or type Ctrl+F). At Autofill Screen, at Type of Transaction, Stat Payment. select At Tax Type, select TDS. At Period, enter 1-12-21 to 31-12-21. At Deducted Till Date, enter 31-12-2021. At Section, enter 194A. At Nature of Payment, select Interest other than Interest on Securities. At Deductee Status, select Non Company. At Residential Status, select Resident, At Cash / Bank, select HDFC Bank Account. Back at Main voucher screen, select TDS Ledger, select Type of Payment from list. At provide details, enter the Cheque details. the amount of TDS would be auto carried. Enter Voucher Narration. Press Ctrl+P to get Print screen. Click C:Configure button (or press C). At Print screen, at Print as TDS challan, type Yes and Click P:Print to print the TDS challan on Printer].